UK retail sales to print 0.8% m/m growth - TDS

Research Team at TDS, sees risks balanced around the UK January retail sales report, and expect a 0.8% m/m gain (same as consensus) for the headline figure.

Key Quotes

“Sales have been exceptionally volatile in recent months, driven by one-off factors like the Rugby World Cup and warm weather. With January more normal temperature-wise, we should see some support from deferred winter clothing spending from December.

Government borrowing figures are out for January, and consensus expects the usual seasonal turnaround in the PSNB ex-banking component, with a £12.3bn deficit registered in January following last month’s (disappointing) £7.5bn surplus.”